All posts tagged "CBM"
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519AML / KYCMyanmar Considers Joining SPFS, Russia’s SWIFT Alternative
Myanmar is negotiating the possibility of joining SPFS, an alternative to SWIFT, as well as the use of Russian Mir cards in Asia.
June 22, 2022 -
398Asia-PacificMyanmar Grants Exemptions to FX Conversion Rule Ban
Myanmar is granting granted an exemption to select companies involved in FDI approved by the Myanmar Investment Commission.
June 17, 2022 -
330Asia-Pacific
Myanmar Bans Use of Foreign Currency for Local Payments
The central bank said the use of foreign currencies in domestic payments could lead to higher demand for dollars and cause exchange rate instability.
May 31, 2022 -
561AML / KYCMyanmar Govt Charges Ex-Central Bank Official with Corruption
Former CBM deputy governor U Bo Bo Nge is being charged by the military government on allegations that caused losses to the government.
May 17, 2022 -
439Asia-Pacific
Myanmar Exempts Foreign Firms from FX Conversion Rule
An order requiring all foreign currency held in bank accounts to be converted into local currency will not apply to businesses in special economic zones and most other foreigners.
April 27, 2022 -
433Asia-Pacific
Central Bank Official Shot as Myanmar Imposes New FX Controls
The shooting came days after an order requiring all foreign currency held in bank accounts to be converted to kyats. New limits are also being imposed on international cards issued by domestic banks.
April 11, 2022 -
448AML / KYC
Myanmar Orders Conversion of All Foreign Currency to Kyat
The order suggests the military government may be struggling to repay debt and purchase key supplies. Fresh sanctions were also recently announced.
April 7, 2022 -
967Asia-Pacific
Myanmar to Ban Crypto Under New Cybersecurity Law
Under the proposed law, using cryptocurrency may lead to imprisonment of 6-12 months in prison or fines up to USD 2800.
January 28, 2022 -
676AML / KYCParallel Myanmar Government Recognises Tether as Official Currency
The pro-democracy National Unity Government has reportedly begun using Tether as a proxy for the US dollar to raise funds for a campaign to topple the military regime.
December 14, 2021 -
272Asia-Pacific
Myanmar Central Bank Restricts Foreign Hiring at Banks
CBM approval is needed to hire foreign employees. Large banks are limited to 25 foreign employees; medium-sized banks to 15; and small banks to 8.
August 10, 2021
